Engineering Plastics Market Size, Share, Growth Report 2032

The Engineering Plastics Market is set for a rapid growth over the forecast period. In terms of revenue, the global Engineering Plastics Market accounted for 79.2 Billion in 2019 and is expected to reach USD 88.2 Billion by 2026, growing at a CAGR of 6.6%.

Global Engineering Plastics Market: Overview

The plastics, which possess improved thermal or mechanical properties and are used in the manufacturing of commodity plastics such as polyethylene, polystyrene, polypropylene, and PVC is known as engineering plastics. These materials exhibit special properties such as wear and fatigue resistance, higher impact strength, chemical resistance, temperature resistance, and high abrasion. Engineering plastics are thermoplastic materials that are expensive and are specially designed for unique purpose applications. Conventional plastic processing machinery is used to process these materials. Engineering plastics such as acrylonitrile butadiene styrene is used in the production of LEGO bricks and dashboard trim while polycarbonates are used in motorcycle helmets and polyamides for the production of skis and ski boots.

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Global Engineering Plastics Market: Growth Factors

The growth and development in the automotive industry are key factors that are driving the global engineering plastics market. Engineering plastics are replacing metal components in industrial machinery and automotive, owing to lightweight requirements. Engineering plastics possess similar properties of metals and is lightweight in nature. Increasing demand for electrical and electronic appliances worldwide anticipates boosting the market. Engineering plastics are very costly in nature; this factor may restrain the market growth. Engineering plastics are extensively used in the aerospace industry for spaceship building which may open up new growth opportunities in the global engineering plastics market.

Global Engineering Plastics Market: Segmentation

The global engineering plastics market is bifurcated based on application, type, and region. The application segment is classified as electrical & electronics, consumer products, packaging, automotive, building & construction, and others. Based on the type the global market is fragmented into fluoropolymers, thermoplastic polyesters, polyamides, polyacetals, acrylonitrile butadiene styrene, polycarbonates, and others.

Global Engineering Plastics Market: Regional Analysis

Asia-Pacific region is expected to grow at a faster pace in the near future owing to the rise in income levels of the people, an increase in the population, and rapid urbanization in the region. The presence of ample opportunities in the electronic products, manufacturing automobiles, machinery, consumer appliances, industrial, and medical devices positively influences the market growth. Asia-Pacific region is expected to gain significant growth due to high demand from emerging countries such as China and India, especially in electronics, automotive, and electrical industries. North America is another emerging potential market in engineering plastics owing to the growth in the consumption of engineering plastics in the transportation and automotive industry. Western Europe is considered a mature market. The Latin American region will also show considerable growth in the near future.

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Global Engineering Plastics Market: Competitive Players

Some of the main players in the Engineering Plastics Market are Sabic Innovative Plastics US LLC., BASF SE, Ticona Engineering Polymers, Bayer MaterialScience, Teijin Limited, and Chi Mei Corporation. Other prominent players in the market are Wintech Polymer Ltd., Eastman Chemical Company, Evonik Degussa GmbH., and Royal DSM NV, among others.

Global Engineering Plastics Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa